President Donald Trump dug in his heels after the tariffs he announced last week spurred retaliation by China. The biggest concern is that if nothing is done to de-escalate the situation, economies around the world could slide into recession.
Stocks in Asia slumped, with a key benchmark sliding by the most in over 16 years, as Chinese shares led a broad and deep selloff on worry over the trade war’s impact on the global economy.
The MSCI Asia Pacific Index fell as much as 7.9%, the most since October 2008, with TSMC, Tencent and Sony among the biggest drags. Hong Kong’s Hang Seng Index plunged as much as 10.7%, the worst since the global financial crisis. Every market was solidly in the red.
